Energy Industry Policy and Compliance Management
Energy companies face one of the most intensely regulated business environments that exist today. Regulators at the local, state, federal and international levels are continually adding and updating requirements. Penalties for companies who are not in compliance are severe. Compounding the matter is the dynamic nature of the energy business itself. There are broad swings in the normal business cycles, many mergers and acquisitions, and other factors that, when taken together, create a tough corporate governance environment. Although governance touches every area of the company's organization, each area typically developed its own unique point solution, with its own set of requirements, that may be redundant or conflict with compliance activities in other areas. These "silos" have separate processes, people and information and are often too rigid to adapt to changes in the business.
Health, safety and environmental regulations emanate from OSHA, EPA, vendor management and Pipeline Safety. Add to this the compliance measures which pertain to company operations – contract management for the large number of outsourced specialists, leasing and land management, joint ventures and joint interest billing, pre-spud planning and risk management and the number of documents and procedures can be staggering. Managing the content and processes for compliance and company best practices and making sure employees and partners are aware of what they are required to even on a departmental level can be time consuming and ineffective when using tools such as email, spreadsheets and intranets..
Polivec's EGS integrates and controls all aspects of policy management. EGS allows administrators to create and store policies that fulfill regulations; track required procedures and tasks needed to fulfill those policies; determine who has access to the information, and show who has reviewed and accepted the policies. It provides a simple repository that allows users to easily distribute policies across the organization and track that they were read and understood.